A project is a set of tasks that use resources (money, people, materials, energy, space, provisions) to achieve project objectives. Project management is the function of organizing and managing resources to bring about the successful completion of project objectives. Projects include start, due and completion dates related to the tasks. Project tasks and milestones may be scheduled dynamically based on their timing relationships. For example, each task may have a preceding and succeeding task, wherein the completion of one task sets the start of the succeeding task, and the project is completed when all of the tasks are complete. A number of software programs, such as Microsoft Project, FastTrack Schedule, and Primavera, may be used to generate Gantt and PERT charts of projects. Tasks are related to requirements which may be hard and soft requirements. Hard requirements include, for example, provision of parts and equipment. Soft requirements include, for example, receiving approvals to proceed to a new project phase.
Inventories may be managed using software and databases. Inventories include physical parts which are stocked to maintain minimum stock quantities and which are ordered to satisfy minimum order quantities. In other words, inventory levels are maintained to balance carrying costs, ordering or shipping costs, and risks associated with the unavailability of parts. From a project management perspective, inventories or stock may be used to fulfill hard requirements.
The above-mentioned software programs and systems are operable to manage supply chains and inventories. Improvements are needed, however, in the systems and methods of managing multiple projects simultaneously. In many aggregate project management situations, there is no continuous demand or supply chain and the principal focus is not inventories or cost but, rather, maximizing the availability of assets.